REIT Picks Up Bristol Apts. for $11.4 Million

Resource Real Estate Opportunity Inc., a Philadelphia-based REIT, acquired the 856-unit multifamily building at 1221 Redford St. in Houston, TX, from Tritex Real Estate Advisors Inc. for $11.4 million or $13,318 per unit.

The 703,862-square-foot property known as The Bristol Apartments was 52 percent occupied at the time of the sale. Resource plans to make renovations and improvements to the community that include new roofs and repainting the entire complex as well as bringing all down units back to leasable condition.

David Wylie and Russell Jones of Apartment Realty Advisors represented the seller while the buyer had no representation.